Congratulations for clicking on this link. Some people won’t because they don’t believe money can be “free”. I guess they don’t believe money “grows on trees” either. Before I give my trading update, enjoy this excerpt from
The Disciplined Trader by Mark Douglas.
“Our experiences shape our meanings and then the meanings share our experiences in the future. In 1987 there was a television program called ‘Gotcha Chicago’. In one segment of the program the TV station hired a man to stand on the sidewalk along Michigan Avenue holding a sign that read, “FREE MONEY TODAY ONLY“. (Michigan Ave is home to expensive fashion stores and boutiques). The man’s pocket’s were stuffed with cash, and he had been instructed to give money to anyone who asked for it. How many people do you think took him up on it?
Only one. The person stopped and said, ‘Great! May I have a quarter for a bus transfer?’ Otherwise, no one would even go near him. He approached one businessman asking, ‘Would you like some money?’ And the man responded, ‘Not Today’. The ‘plant’ asked, ‘How many days does this happen?” as he tried to give him a handful of cash and said, ‘Please take this.’ The businessman responded with terse, ‘NO’, then walked on.
The environment was expressing itself in a way that only one person had the mental structure to perceive. Nobody else looked at the sign and said to themselves ‘Great! Somebody is giving away free money, I wonder how much he will give me?”
Generally we don’t believe that money is ever free.So the meaning they attached and what they experienced corresponded to their belief that ‘free money’ isn’t possible or nobody gives away money on the street – no strings attached.
Except for the one man, everyone else obviously did not believe in the possibility of free money.”
I have come across this attitude in trading. I have met several people, including brokers, who never thought I could put on a trade and get paid for it (guaranteed profit @ .10 credit), and then take it off for a very nice winner. Even I could hardly believe it, I tip toed in with a modest order. But it happened. I reviewed in everyway I could, then I trusted it and it worked out just fine. I even had several “experts” say it couldn’t be done, “the market” doesn’t work like that”‘. But it did. I even paid capital gains taxes to prove it. It is there. What beliefs are holding you back in your trading.
Some ignorant people say, “If it seems too good to be true, it is.” A better phrase, “If is seems too good to be true, it may be.” “Buyer Beware” = Buyer Be Aware.
I see this attitude in business often. With my PrePaid Legal Business, some people don’t believe that a person can put in 5-10 yrs of diligent work in helping people and earn more than 90% of the population for the rest of their life (with or without further effort). Yet I know hundreds of people who do it right now.
What do you “KNOW” to be true. Does it serve you? If so, keep it. If not, look to alternatives.
I bargained with Life for a penny,
And Life would pay no more,
However I begged at evening
When I counted my scanty store.
For Life is a just employer,
He gives you what you ask,
But once you have set the wages,
Why, you must bear the task.
I worked for a menialâ€™s hire,
Only to learn, dismayed,
That any wage I had asked of Life,
Life would have willingly paid.
This morning the mkt is holding in a tight range. I am looking at a few trades:
NTES – I put on a unit of Sept/Aug 20p for .15. I was putting in 1 lot orders to feel it out. .14 is not getting taken, but .15 is. I have 2 units on.
CRZO – I am attempting to fill a 2 units of the Oct 50c. 1 unit is filled@ 1.70 I have a sept 13th price target of 51.02.
ARXT – I am looking at the Oct 50c. I have a Aug 6th price target of 49.23.
IACI is moving down nicely for my Oct 32.5p-30p spread. This sustained break below 34 is a very good sign. I will sell a unit off around $33 in the underlying. My initial price target is 31.50. The aggressive target is 29.75 by Aug 7.
CREE all Jan/Dec calendar spreads(22.5p, 25p, 30c) continue to widen.
SNDK – has run away. Fortunately I have very few contracts. I am looking to sell my position for .25… bought for .32 ave price.
As always… this is not trading advice